Point72 Asset Management L.P. Makes New Investment in Cytek Biosciences, Inc. (NASDAQ:CTKB)

Point72 Asset Management L.P. bought a new position in Cytek Biosciences, Inc. (NASDAQ:CTKB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 389,359 shares of the company’s stock, valued at approximately $2,527,000. Point72 Asset Management L.P. owned about 0.30% of Cytek Biosciences at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Aquatic Capital Management LLC bought a new position in Cytek Biosciences in the 4th quarter valued at approximately $25,000. Sterling Capital Management LLC increased its holdings in shares of Cytek Biosciences by 799.8% during the fourth quarter. Sterling Capital Management LLC now owns 3,887 shares of the company’s stock worth $25,000 after buying an additional 3,455 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in shares of Cytek Biosciences by 111.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 8,850 shares of the company’s stock valued at $57,000 after acquiring an additional 4,665 shares during the last quarter. Proficio Capital Partners LLC acquired a new stake in shares of Cytek Biosciences during the 4th quarter valued at $71,000. Finally, Cibc World Markets Corp bought a new stake in Cytek Biosciences during the 4th quarter worth $74,000. 69.46% of the stock is currently owned by institutional investors and hedge funds.

Cytek Biosciences Price Performance

Cytek Biosciences stock opened at $2.66 on Wednesday. The stock’s 50 day moving average is $3.68 and its 200 day moving average is $5.15. Cytek Biosciences, Inc. has a one year low of $2.51 and a one year high of $7.63. The firm has a market cap of $336.91 million, a P/E ratio of -33.25 and a beta of 1.42.

Cytek Biosciences (NASDAQ:CTKB) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.05). Cytek Biosciences had a negative return on equity of 2.58% and a negative net margin of 5.05%. The firm had revenue of $41.46 million during the quarter, compared to analyst estimates of $43.18 million. Equities analysts anticipate that Cytek Biosciences, Inc. will post -0.06 earnings per share for the current fiscal year.

Analysts Set New Price Targets

CTKB has been the subject of several research reports. The Goldman Sachs Group dropped their target price on Cytek Biosciences from $3.50 to $3.00 and set a “sell” rating for the company in a research report on Monday, May 12th. TD Cowen downgraded shares of Cytek Biosciences from a “buy” rating to a “hold” rating and set a $4.00 target price on the stock. in a research report on Friday, May 9th. Piper Sandler decreased their price target on shares of Cytek Biosciences from $8.50 to $8.00 and set an “overweight” rating for the company in a research report on Tuesday, March 4th. Finally, Stephens reaffirmed an “overweight” rating and set a $6.00 price target on shares of Cytek Biosciences in a research note on Wednesday, March 19th.

About Cytek Biosciences

Cytek Biosciences, Inc, a cell analysis solutions company, provides cell analysis tools that facilitates scientific advances in biomedical research and clinical applications. It offers aurora and northern lights systems, which are spectrum flow cytometers that delivers cell analysis by utilizing the fluorescence signatures from multiple lasers to distinguish fluorescent tags on single cells; and aurora cell sorter system that leverages full spectrum profiling technology to further broaden potential applications across cell analysis; aurora CS systems; amnis imagestream imaging flow cytometers; guava muse cell analyzers; guava easycyte flow cytometers; and orion reagent cocktail preparation systems.